Quorn has raised £123m of new debt facilities made up of a long-term loan of £113 and a £10m of revolving credit.

James Harvey, Quorn Foods’ COO, said: “The meat substitutes category is experiencing significant growth around the world driven by increased numbers of consumers deciding to reduce their meat consumption for a combination of health, environmental, and animal welfare reasons.

“As a result, our business has experienced significant growth in the past three years. With continued growth plans, we decided the timing was right to source a new debt facility to support our business in its next phase of expansion.”

James Harvey, Quorn Foods’ COO (Image: Peter Reimann)

He added: “Having been out of the spotlight of the financial community since our sale in 2015 to the present owners, we were unsure of our options and terms.

“However, over-taking Kellogg’s-owned Morning Star Farms to become the global brand leader last year, combined with the strength of our brand across multiple markets, we were highly valued by Citi and the Banks such that the deal was several times oversubscribed.”

Quorn was advised by Deloitte, Citi, HSBC and Dechert on the finance deal, with lawyers Hogan Lovells advised the lenders.

Robert Connold, from Deloitte’s debt and capital advisory team, said Quorn’s global reputation meant it received interest from a number of banks around the world.

He said: “Quorn is a fantastically well-known brand and a global market leader so we received strong interest from both banks and alternative lenders in Europe and Asia, where the parent company is head-quartered.

“Following an assessment of the terms received under various options, the structure selected comprised a club of banks in the UK and Asia with Citi as coordinating mandated lead arranger.”